Unfortunately for fixer-upper owners, when competing in the real estate market, most online buyers look for properties they can move into right away. As a result, the probability is high that they will scroll to the right through a list that does not present well. As a result, sellers realize they are facing a severe challenge when the inspector arrives and often spend restless nights waiting for the report.
In addition, inspection results may cause buyers to back off or require you to allow credit for repairs, often at very high ratings, further depleting your sales revenue. Finally, when you have a property that needs repairs or complete rehabilitation, the situation is likely to develop into more distress as repairs to the property are delayed, resulting in a significant increase in costs.
There will come a time when you must finally put an end to the suffering. The exit strategy you use can make a huge difference in your outcome and the amount of money you get away with after the close. So read on as we explore what to do with your costly Greensboro property, NC fixer-upper.
FSBO
FSBO or for sale by the owner is another option if you have a Greensboro fixer-upper property that has become too costly to hold. Unless you want to face possible contingencies and deal with assisting the buyer in qualifying for a loan, usually taking a hit for the necessary repairs, you’ll need to sell as-is for cash. This option is often attractive because there is little room left for a profit with this type of listing, and listing as an FSBO doesn’t involve paying thousands in real estate commissions, leaving more profits for yourself. However, while it sounds good in theory, regrettably, it rarely works to your advantage to sell on your own. You’ve taken a loss from the start, FSBO homes tend to sell for 26 percent less than those listed with an agent, and the percentage of FSBO home sales has slowly declined and now only accounts for 7 percent of market sales. One of the biggest mistakes you can make with your FSBO is to set your asking price too high or too low; either can cause your listing to linger. Before jumping into the market on your own, why not contact a local professional investor, like an expert from AIP House Buyers, who will detail the amount your home could sell for on the traditional market vs. the offer we make for your home?
Make Repairs
Of course, while time-consuming and costly, the most profitable way to sell a Greensboro fixer-upper property is by completing the work and presenting the home in a renewed state. If that’s not an option, you can instead do minimal updates and fix the most obvious damage. While TV shows have made this undertaking seem like it was easy, you should hire professionals to make sure you don’t do more damage. However, before you begin, you must fully understand the value of ART, or the value of post-reform, to ensure that the project is worth the investment of your time, energy, and money. By reaching out to a direct buyer like those at AIP House Buyers who believe in total transparency, you’ll understand each figure used and precisely how your direct buyer reached the offer. Then, you can make an educated decision about what works best for your circumstances.
Traditional Listing
A money pit may be all buyers see as they scroll through listings and see your Greensboro fixer-upper property. You can expect lowball offers, as the buyer will sign off on taking on all of the risks of unseen damage or structural issues as they dig deeper into the project. Since you will be asked to complete a disclosure form, despite the status of your listing as it is, it’s best to be upfront about the issues you know about while noting all of the property’s pros. It is best to provide full disclosure and face problems head-on, avoiding unnecessary and costly legal disputes in the future. On the other hand, should you decide to sell directly to a local buyer like those at AIP House Buyers and relieve you of the burden, we’ll take on all the risks of the repairs. And unlike a traditional listing, you won’t pay commissions or closing costs. And you’ll have a guaranteed closing date to plan your move, often in weeks. Now, relax; if that’s moving a bit too fast, AIP House Buyers is flexible on the closing date.
AIP House Buyers
The easiest solution is selling it in as-is condition to AIP House Buyers for relief from the costs of your Greensboro fixer-upper property, and an offer you’ll agree is fair. We are not Mark Spain Real Estate, Offerpad, Opendoor or any of those large house buying companies. We are a local company and will provide you a guaranteed offer on you house. At AIP House Buyers, we do this because we are your neighbors here in Greensboro, and we take great pride in our work; we want you to feel good about working with AIP House Buyers long after leaving the closing table. Call AIP House Buyers at (336) 707-5223.